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Financial Planning / Tax Strategies
|Subject: Re: 2008 tax rebate||Date: 3/8/2008 2:31 PM|
|Author: cookc2||Number: 99337 of 122648|
My spouse and I will not get the advance payment of the 2008 tax credit. We filed our 2007 taxes, and our AGI is too high to qualify. However, assuming present course of events, we will have our first child and our income will drop enough to allow us to receive the credit when we file in 2008. It'll be complex to estimate our 2008 taxes. Our income level depends on when baby comes (expected in June), when spouse goes back to work part-time, how much money we donate to charity--we give 10% to our religious organization--and we live in Texas so our sales tax probably won't, but may be deductible. I can deal with those scenarios individually. I'd like to update our W4's so that we aren't loaning excess money to the treasury, and also to avoid the possibility of underwitholding penalties.
Any tips on how the credit will further obfuscate this? I can post more specifics if necessary.
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